Tag Archives: oceania

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Rise of 'boomerang generation' as cost of living forces adults home

More adults are moving back home with their parents as increases in the cost of living continue to bite, new research has found.

During the past year, 13 percent of Australians have either moved back home with their parents or had an adult child return home, according to a survey of 1058 respondents conducted by Australian comparison site Finder.

This includes five percent of those surveyed who were about to move back out, and four percent who were about to move in.

The total number is equivalent to 858,000 households across the country.

READ MORE: Landlord reveals he owns almost 300 properties in talkback radio call

Aerial view of a suburb in Western Australia

Of those who moved back home or had their adult children move back in, 36 percent did so to help with caring requirements, for example with aged parents or children.

However, almost as many – 36 percent – made the move to save for a home deposit. Another 31 percent did so because their rent had become unaffordable.

The Reserve Bank of Australia has hiked its cash rate by 2.25 percent since May with five consecutive rises. 

READ MORE: NSW mother and daughter facing homelessness amid rental crisis



Mortgage holders are under pressure, but so too are renters with landlords increasing rents as they seek to recover the cost of rate rises amid a low vacancy market.

Sarah Megginson, senior editor of money at Finder, said some Aussies had been forced to make significant changes to their lifestyle. 

"Interest rates are going up and the cost of living pressure is coming from all angles, making it difficult to juggle everything at once.

READ MORE: Melissa Caddick's sprawling Dover Heights mansion listed for sale

"Moving back in with the family can be a big adjustment. The thought of losing a sense of independence and having to start from scratch is scary.

"But it's a chance to get your finances in order and settle any debts before jumping back out there."

Anyone who finds themselves in severe financial stress, can contact the National Debt Helpline on 1800 007 007.

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Melissa Caddick's sprawling Sydney mansion listed for sale

The home of Sydney fraudster Melissa Caddick has been listed for sale, nearly two years after the 49-year-old mysteriously vanished following a raid investigating a long-running ponzi scheme.

The sprawling Dover Heights mansion, in Sydney's east, is a major asset of the Receivership Property and will help return money to investors who fell victim to the scheme.

The listing comes after Caddick's husband, and former hairdresser, Anthony Koletti was evicted from the five-bedroom home in May.

READ MORE: Woman 'retrieving phone' when she was struck by roller coaster

Before Melissa Caddick disappeared in November 2020, the Sydney business woman ripped off more than 60 investors to the tune of $25 million dollars.A bunch of flowers at the fence in front of the Dover Heights home of Anthony Koletti, Melissa Caddick and her 15 year old son reside. Part of Melissa Caddicks remains were found at Bournda Beach on the South Coast of NSW. Dover Heights, Sydney, NSW. 26th February, 2021. Photo: Kate Geraghty

He had been living rent free in the property since her disappearance.

In addition to five-bedrooms, the property at 5 Wallangra Road boasts expansive views of Sydney's harbour with four bathrooms and a pool.

The home has been listed for sale with Sydney Sotheby's International Realty and has an estimated value of between $15 million to $17 million.

READ MORE: Urgent search underway for two missing brothers in Adelaide

Melissa Caddick's Dover Heights home has sprawling views of Sydney Harbour and skyline.Caddick's Dover Heights home has five bedrooms.

"Since obtaining vacant possession in late May 2022 and receiving orders enabling us to proceed with a sale, we have undertaken certain maintenance and minor improvements to amplify the property's luxurious appeal," said Bruce Gleeson from Jones Partners, the receivers of Melissa Caddick and Liquidators of Maliver Pty Ltd.

"The home is positioned in an elevated part of one of Dover Heights' most sought-after streets and we are extremely pleased to be able to offer this prestigious property for sale during spring.

"The sale campaign will be conducted via an Expressions of Interest which is scheduled to close on 31 October 2022 and thereafter a private auction (if required)."

READ MORE: Police probe data on Caddick's phone

Caddick's Dover Heights home also has a pool. The estimated value sits between $15-17 million.

Jones Partners added it's "close" to finalising an application to the Federal Court seeking sale orders regarding Caddick's designer jewellery, clothing and artworks.

Caddick was last seen after a raid of her Dover Heights home in November 2020.

Her partial remains were discovered on a South Coast beach, about 500 kilometres south of Sydney, in February 2021.

Caddick is accused of misappropriating about $30 million from investors, including her friends and family in a Ponzi scheme she had been running for years.